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Business News/ Companies / Company Results/  SAIL back in black in Q2; posts net profit of 393 cr
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SAIL back in black in Q2; posts net profit of ₹393 cr

The EBITDA in Q2FY21 registered a 59% jump at ₹2,098 cr

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(Photo: Mint)

State-run Steel Authority of India Limited (SAIL) was back in black in September quarter at net profit of 393 crore as against net loss of 343 crore in the year-ago period.

"The profit achieved during the second quarter of FY’21 reflects the resilience and robust performance by the Company in a fast reviving economy and domestic market which has been battling the adverse impact of the Covid-19 Pandemic during the initials month of the year. Signifying the pick-up in performance and activities, SAIL’s turnover in Q2FY21 also registered an improvement of more than 20% and stood at 16,834.1 crore," said Ministry of Steel in a release.

The EBITDA in Q2FY21 registered a 59% jump at 2,098.09 crore. "The company, determined to face every odd thrown by the onset of Covid, performed exceptionally well and maintained the sales growth momentum from June’20 onwards. After the first two months of the FY21, which were impacted by the pandemic, the cumulative performance has been largely made up by consistently better performance since then. SAIL registered an impressive 31.3% growth in sales during Q2FY21," the ministry added.

With the strategic focus on enhancing the saleable steel production, the company registered the best ever saleable steel Q2 production of 3.752 MT in Q2FY21 surpassing the previous best of 3.658 MT achieved during Q2FY18. The saleable steel production in Q2FY21 grew by 5%. The focus on operational efficiency also resulted in improvement in the key Techo-economic parameters during Q2 FY’21 viz. Coke Rate (4%), Blast Furnace Productivity (9%) and Specific Energy Consumption (1%) .

Commenting on the performance of the Company in the second quarter of the current Financial Year, Shri Anil Kumar Chaudhary, Chairman, SAIL said, “The year began with unforeseeable challenges, which had engulfed the entire world. It was a time to foster synergy and channelize all our energy and determination to surmount the obstacles and prove our mettle. SAIL Collective did this and the Company registered profit in Q2FY21 by braving all odds and exhibiting substantial growth in the operational performance. The Company is determined to perform better in future and is geared up to take all necessary actions to remain a world-class domestic steel producer towards building an Atmanirbhar Bharat."

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Published: 08 Nov 2020, 10:23 PM IST
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